FRANKFURT: The European Central Bank is set for another large interest rate increase to fight painfully high inflation even after the US Federal Reserve slowed its pace, a divergence that underlines Europe’s later start and could speed the euro’s rebound from recent lows against the dollar. ECB President Christine Lagarde has made clear that a rate hike of half a percentage point is in the offing at the bank’s meeting and possibly at the one after that, and possibly thereafter. The Bank of England also was expected to go big with a half-point hike Thursday, contrasting with the Fed’s decision to slow its pace to a quarter-point. The ECB started raising rates in July, four months after the Fed did, and from lower levels.